Follow us on Google+

“We are seeing some chart-related selling at current levels, as bargain hunting and short covering start to fade,” said one Kuala Lumpur-based trader, adding though that export sales are expected to remain strong.

The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange closed down 1.5 percent to 2,317 ringgit ($571.6) a tonne. On Thursday, it climbed to 2,368 ringgit, highest since July 5. Volumes stood at 32,734 by close.

Malaysian palm oil futures fell on Friday, after climbing to a two-week high in the prior session, although expectations of strong demand for the vegetable oil kept a floor under prices.